The high seas are calling your name. A boat, the preferred vessel of sea voyaging, is needed in order to enjoy the summer months. As you invest money on the must have of the hot season consider purchasing boat insurance Miami knows you need to prevent more than a rainy day from happening.
A boat is similar to a car insurance Florida and the rest of the nation have in that you can take in whomever you want. In doing so, you assume the responsibility for their safety. If an accident happens, your insurance will cover part of their medical expenses up to a certain point. Insurance will also cover lost income, pain and suffering and legal expenses.
Anyone can drive your boat with express permission from the owner. By handing over the keys, the owner assumes liability for damage that is incurred. These range from running aground to a collision.
Damage and liability
Repairs and replacements are covered, but the owner is responsible for towing a damaged vessel as well as paying for wreckage clean-up costs. Additional coverage may be purchased to deal with these necessities. If a boat collides with another boat, a dock or other structures, the collision is covered with insurance.
Vandalism and additional coverage options
Boats, whether kept in a secured marina or at home on a dock, are subject to vandalism. They are also susceptible just as a car, to be stolen. Insurance covers these events as well collisions. Fishing equipment, oil spills, and uninsured boaters are all covered with additional features on a policy.
Claims depend on a few details. Deductibles and limits are big factors. Most owners are not aware if their insurance covers the actual cash value, replacement cost or agreed upon value. Review policies to be in the know.
Once a boat has been purchased, the next step is to determine the coverage needed. Maximum out of pocket expenses, aka deductibles, and the additional features desired should be communicated. This should be decided as soon as possible. Florida residents should purchase additional hurricane coverage as well.
If a boat accident occurs and there is damage to both boats, insurance coverage will go into effect. If you are at fault, depending on state laws, liability insurance would kick in and cover damage up to the limit of the policy. If the other driver is at fault, his insurance would pay for the damage up to the capacity of their coverage.
Uninsured watercraft does pose an issue. Car insurance is a must while boating insurance may not be a top priority for some. Major financial loss should be a motivator for coverage, but some believe that they are fine without it. With this concern, policies do contain a provision for uninsured boaters and their effect on the claimant. Make sure to review this aspect of the policy with your agent.
Set sail this summer with the inside scoop on boating! Have fun.
* Note. If you use your watercraft for water-skiing, make sure you get coverage for this exposure as well. (Depending on the insurance company, it may not be automatically covered.) You can also get coverage for the trailer(s) you use to transport the watercraft.